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MICHIGAN SELLS $265 MILLION BOND ISSUE

 MICHIGAN SELLS $265 MILLION BOND ISSUE
 LANSING, Mich., July 9 /PRNewswire/ -- The State Transportation


Commission today approved the sale of $265 million in new revenue bonds at an interest rate of about 6 percent -- the lowest rate in more than 25 years.
 The revenue will pay for a statewide program of road and bridge improvements, as well as selected public transit projects, enabling the states to match $1.2 billion in federal aid over three years. It is the keystone of Gov. John Engler's "Build Michigan" program to strengthen Michigan's infrastructure.
 Barton LaBelle, commission chairman, and Patrick Nowak, director of the Michigan Department of Transportation, said the sale also included the refinancing of more than $200 million in previously issued bonds for an interest saving of some $7 million. The savings result from recent declines in interest rates.
 Said Nowak: "We are very pleased that market conditions are such that we can save a significant amount of interest over the next several years. The savings will enable us to put more money into improvement projects."
 -0- 7/9/92
 /CONTACT: Tom Shawver of Michigan Department of Transportation, 517-373-2160/ CO: Michigan Department of Transportation ST: Michigan IN: TRN SU:


ML -- DE029 -- 8053 07/09/92 17:32 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
Words:207
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